Track Bank Accounts
The Bank Account Document represents one of your company's actual Bank Accounts. If you are using to run your business then the balance and associated transactions should reflect those of the actual account it represents. Indeed, each Bank Account within can be reconciled with its real-world counterpart.
As with its real-world counterpart, the Bank Account Document allows you to make deposits and transfers, and record bank charges and interest payments.
Note: Credit Card and Petty Cash accounts are very similar to Bank Accounts. So if you need information on how to use these accounts simply use the help relating to Bank Accounts.

Cash flow forecast

See ‘Cash flow forecast’

The Bank Account Document

An example of the Bank Account Document is shown below.
The Bank Account Document
Once the Bank Account has been created you can then use it to enter transactions. For example,
  • Specify the Bank Account in a Cash Purchase
  • Receive a Customer Payment into the account.
  • Deposit Non-Deposited funds (e.g. checks) into the account.
  • Make money transfers to and from the account.
  • Enter Bank charges.
  • Enter Bank interest payments.

Entering and Editing

Add Bank Account

Bank Accounts are displayed on the Payments, so that they can be selected to direct monies to and from the relevant Bank account.
Multiple Currencies? You can set up bank accounts that model and track foreign currencies. If you do this make sure you go back to the Currencies List and set the commensurate default payment settings. See Payment Defaults for Currency.
To add a Bank Account,
Banking>Bank Accounts>+
Bank Account Key Facts:
  • A Bank Account represents one of your actual bank accounts.
  • A Bank Account differs from a normal Asset account in that it has an associated Bank Name, Bank Account number and Sort Code.
Note: Once the Currency has been set it cannot be changed.
  • When you create a Bank Account you can specify the Currency and the opening balance.
  • You also need to specify the Chart of Accounts account name, and if required a Nominal Code.
  • The Account Name and Nominal Code have to be unique within the Chart of Accounts.
  • The Cash Flow Category allows you to categorize the account for the purposes of the Statement of Cash Flows Report.

Bank Accounts have Actions to allow users to perform the following tasks:

Enter Purchase (Expenses)

This action directs the user to an EP (Enter Purchases) Document. Users can enter miscellaneous expenses directly from this account onto the General Ledger.
Approve and Edit Deposits to this Bank Account. You can save Deposits as Pending.
Transfer a balance from this account to the selected Account in the General Ledger.
The purpose of this action is to manage GL entries to the Profit and Loss ‘Other Income Accounts’.
The purpose of this action is to manage GL entries from the Profit and Loss ‘Other Expense Accounts’

Print Checks

See ‘Checks


Money Out

A consolidated view of monies flowing out of the business

Money In

A consolidated view of monies flowing into the business